2019-01-25T09:52:09+00:00 Assignments

what the weaknesses (at LEAST two or three) are in internal control and your recommendations for improving the system.

This paper concentrates on the primary theme of what the weaknesses (at LEAST two or three) are in internal control and your recommendations for improving the system. in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Internal Controls over Mail Cash Receipts

Internal Controls over Mail Cash Receipts

You are an auditor who has been assigned to review the internal controls over mail cash receipts of a company. Your review reveals the following: checks are promptly endorced “For Deposit Only,” but no list of the checks is prepared by the person opening the mail. The mail is opened either by the cashier or by the employee who maintains the accounts receivable records. Mail receipts are deposited in the bank weekly by a cashier. Explain what the weaknesses (at LEAST two or three) are in internal control and your recommendations for improving the system.

sample Section of the paper

Internal Controls over Mail Cash Receipts

Weaknesses: The first weakness in the internal controls of this system is the lack of listing of all checks; a list that should be prepared by the person mandated to open the mail. The second weakness observed, is the lack of clearly segregated duties between the different parts of the systems, the employee and the cashier who opens the mail, is the same individual who also maintains the accounts receivable records.

Recommendations: Separate all duties in the process of opening the mails, maintaining the records of the accounts receivable and depositing of the mail receipts at the bank. The person opening the mails should not be the same person who maintains the records of the accounts receivable, their control over the process should be significantly reduced. They should only handle one part of the process, either be mandated to open the mail or to maintain the accounts but not both duties. In this case, the cashier should not open the mail but this duty should be delegated to another employee. This employee should be required……………………..


0% Plagiarism Guaranteed & Custom Written, Tailored to your instructions


International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120


100% Pass Guarantee

Order Now

STILL NOT CONVINCED?

We've produced some samples of what you can expect from our Academic Writing Service - these are created by our writers to show you the kind of high-quality work you'll receive. Take a look for yourself!

View Our Samples

corona virus stop
FLAT 25% OFF ON EVERY ORDER.Use "FLAT25" as your promo code during checkout